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SYS - Syngas Limited

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It doesn't look that way at the moment does it - share price barely reacted to what I reckon is pretty awful news. But then again, it's not as if the company is valued all that highly at approx $6m.

If you read the announcement all of a sudden they are back at the strategy development point, my thoughts are that SP should be back in the teens. The discussions regarding a 'cornerstone investor' that were supposed to happen in March were for a 15,000 bopd ultra clean diesel plant - I don't think those same fish will be interested in a bit of power generation made from straw (not much energy content in straw...) Buying coal from an existing mine? Makes the numbers look worse and you've got to find an appropriate mine, compete for supply with coal hungry Asia. Much less stability then when you are digging up your own coal from your own back yard....

I had such high hopes for SYS, but I fear they were misplaced... If they can overcome the salt content of the coal then I'll be interetsed again, as will the c/s investors, but until then I don't think there's much to see.
 
Guys any thought/update on this one???

Been sitting with this one for long. Nothing positive yet. Any comment/suggestion/information ?

Cheers!
 
Here is where some of our carbon tax funds will be potentially get pissed into. :flush:
All aboard the gravy train! Next stop, LA-LA land.

CORPORATE
1. Cash-in-Bank at 30th June 2012 was $701,000. The Company has no debts.
2. On 1st June 2012, under section 708 of the Corporations Act 2001, a 5,000,000 ordinary share offer, at $0.10 cents per share, securing a 40% share in BioSyngas Pty Ltd (BioSyngas) was launched. BioSyngas is currently a wholly owned subsidiary of Syngas. This offer is expected to raise A$500,000 to complete work on the Bomen Project Phase 1, bringing it to construction ready stage.
3. Post the 1st July 2012 launch of the Clean Technology Innovation Program, Syngas has commenced preparation of an application for funding through the Program.
4. The Company positioned to review well funded new projects as they come to hand.

BIOMASS TO ENERGY/CLEAN RENEWABLE ENERGY
Significant progress took place during the quarter to extract value from past clean energy/renewable energy investments made by Syngas. The assets held, projects being progressed and strategies behind BioSyngas has been described for investors on the new BioSyngas website (www.biosyngas.com.au) and in the Information Memorandum supporting the capital raising which is underway.
BioSyngas’ pipeline of projects under development and their latest developments are:-
a. The 6 MWe Bomen Power generation and supply Project in Wagga Wagga NSW. A Heads of Agreement (HoA) covering power supply to Teys Australia’s Wagga Wagga beef processing plant is being worked towards.
b. A 3 MWe power generation and supply project proposal was presented to a Northern Territory plantation owner during the quarter. An HoA over feedstock supply, within the favourable commercial context for the project is being sought.
c. Other projects are also under development.

Extracting Value and Positioning for the Future
The Company’s focus in the June 2012 quarter was to identify and progress opportunities to extract value from Syngas’ past investments and position the Company as favourably as possible for the future.
This focus was progressed in two ways:-
1. By separating the assets held within Syngas Limited, within two wholly owned businesses. That is:
- BioSyngas Pty Ltd, and
- Syngas Energy Pty Ltd
The former holds Biomass/Renewable/Clean Energy assets and projects and the latter is Clean coal technology and project based. This has been done to facilitate new investment into specific areas of the Company.
2. Syngas is open and well positioned to review new, well funded projects as they come to hand and to bring them into the Company’s structure
 
I haved revisited some of the old UGC companies in many, many a month.

It seems as though Syngas will be consolidating at 1:200 and the capital raising to enter the quarrying & civil engineering business. The cap raising will be seeking $20m with 20m shares being offered at $1.00

It seems as though there are a few complicating factors, as from my very brief glance over, the business model will work more as a partnership rather than a takeover.

http://www.asx.com.au/asxpdf/20140124/pdf/42m98skjqkhq9l.pdf

The Environmental Assessment document “Modified Ardmore Park Quarry Project” stated in the summary “The sand Resources targeted for extraction has been estimated as 6.3 million tonnes and the basalt (hard rock) resource estimated as 9 million tonnes (92% of which would be suitable for production of quality construction or road building materials).”
The general conditions covering this quarry are normal conditions expected under current social and environmental responsibility requirements for any development covering extractive industries in NSW.
Schedule 2 Condition 5 should be noted “Extraction and processing operations may take place until 30th July 2039”.
 
On August 20th, 2020, Syngas Limited (SYS) was removed from the ASX's Official List in accordance with Listing Rule 17.11, after security holders resolved to remove SYS from the Official List.
 
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